by Godwin Orozo-
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets in Abuja.
The price dropped from N1,060 to N1,040 per litre, representing a N20 reduction. A visit to NNPCL filling stations confirmed the development.
Speaking to reporters, a station attendant at the NNPCL outlet in Wuse Zone 1 said, “The price was reduced to N1,040 per litre from N1,060 on Saturday morning.”
Motorists in the Federal Capital Territory have welcomed the price cut. Madam Joy Iruke, a motorist, expressed cautious optimism: “The reduction of N20 is significant, but we need further fuel price cuts in the coming days.”
Despite the adjustment at NNPCL outlets, petrol prices at other stations remain higher, ranging up to N1,115 per litre depending on the location.
The price drop follows the resumption of operations at the Port Harcourt refinery in November 2024. The state-owned facility recently began producing petroleum products, fueling expectations of price stabilization in the deregulated market.
Former NNPCL Retail Managing Director, Prof. Billy Okoye, had previously indicated that the commencement of local refinery production would likely lead to price reductions.
Similarly, industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN), have suggested that the combined operations of the Dangote and Port Harcourt refineries will further ease costs.
For now, the modest price cut brings some relief to Nigerians burdened by high living costs and rising fuel expenses.
